USDJPY: Elliott wave analysis and forecast for 28.06.24 – 05.07.24

Main scenario: consider long positions from corrections above the level of 157.50 with a target of 165.00 – 170.00.Alternative scenario: breakout and consolidation below the level of 157.50 will allow the pair to continue declining to the levels of 151.68 – 146.44.Analysis: the ascending fifth wave of larger degree (5) of C continues forming on the daily chart, with the third wave 3 of (5) unfolding as its part. The first wave of smaller degree i of 3 and the corrective second wave i